Wilbur D. "Woody" Preston Jr., special counsel during S&L crisis
Law partner was author of the highly acclaimed Preston Report that analyzed state's savings and loan crisis of the 1980s
Wilbur D. Preston delivers his report on Savings and Loans to a joint session of the Maryland State Legislature. (Barbara Haddock Taylor, Baltimore Sun / January 9, 1986)
He was 90.
Mr. Preston's yearlong investigation into the causes of the savings and loan crisis that swept Maryland in the mid-1980s resulted in the publication of the highly acclaimed Preston Report, which was a thorough and detailed analysis of the debacle.
The report resulted in the redrafting of the state's thrift laws and regulations, and it affected civil lawsuits and criminal prosecutions against people responsible for the crisis.
The son of a businessman and a mother who was secretary to Maryland Gov. Harry W. Nice, Wilbur Day Preston Jr. was born in Baltimore and raised in Forest Park.
After graduating in 1940 from Forest Park High School, he began his college studies at what was then Western Maryland College — now McDaniel College — until being drafted into the Army in 1942.
He was trained as an infantryman and served as a captain during the occupation of Japan. After being discharged, he returned to Western Maryland College, where he earned a bachelor's degree in 1946 in both English and history.
Mr. Preston earned a degree in 1949 from the University of Maryland School of Law, and began his career working for two years for a small firm. In 1951, he joined what became Whiteford, Taylor & Preston and was named a partner in 1954.
"Woody was with the firm for 50 years, and he was the firm. He embodied it," said Ward B. Coe III, former managing partner with Whiteford, Taylor & Preston, who is now a partner in the firm of Gallagher Evellius & Jones.
"There was not a major case in Maryland that he wasn't one of the lawyers. He was a terrific lawyer and an advocate for his clients," he said. "He was called on time and time again because of the level of his importance and because he was so respected and people knew he would do a good job."
During Mr. Preston's tenure as chairman of the firm, he led it through several mergers that turned it from a defense litigation firm to a well-rounded business law firm.
Working in the commercial litigation and government affairs section, Mr. Preston represented a number of businesses in major commercial litigation as well as handling government affairs.
Mr. Preston had served as counsel in the successful national antitrust litigation by the industrial construction sector against the International Brotherhood of Electrical Workers and National Electrical Contractors Association.
He was also counsel for the principal parties in the Independent Oil and the Electrical Construction national antitrust cases, and co-counsel to Hughes Aircraft Co. in the successful defense of the ownership of its patents for communication satellites.
Mr. Preston was senior outside counsel to the Chesapeake & Ohio Railway in its merger with the Baltimore & Ohio Railroad, and in the defense of the resulting shareholder litigation.
During the 1970s, Mr. Preston led Western Maryland College through the dissolution of its relationship with the Methodist Church, as the college transitioned to a private independent institution of higher learning.
In 1975, he carried on delicate negotiations with the American Civil Liberties Union, resulting in the college being removed from the suit over state aid to private church-related institutions.
After Mr. Preston's work on the savings and loan crisis, Congress named him counsel to the bipartisan National Commission on Financial Institution Reform, Recovery and Enforcement, created to investigate the national savings and loan crisis.
In 1993, the commission's report, "Origins and Causes of the S&L Debacle: A Blueprint for Reform," was released to President Bill Clinton and Congress.